Recently Coinbase announced that they are releasing their own crypto visa card! Now it is easier than ever for Coinbase customers to spend their cryptocurrencies. At the moment, this service is only available in the UK. European Union countries are the next ones in line.
Spend your Coinbase balance anywhere, anytime!
With the Coinbase card, users can spend their cryptocurrencies both in-store and online. Also, you will have a chip and PIN feature, which means that you will be able to withdraw your funds from ATMs. “When customers use their Coinbase Card, we instantly convert crypto to fiat currency, such as GBP, which is used to complete the purchase,” says in their blog.
However, this brings up questions. When Coinbase says “Customers can use their card in millions of locations around the world” while at the same time they’re saying that this service is only available in the UK. Does that mean that you can get the card only in the UK, and then use it all around the world? Or does the part of “all around the world” comes later?
Coinbase card app
Coinbase developed a separate app for this service. Within the app, users can choose which crypto wallets they are willing to fund their Coinbase card with. At the moment, Coinbase card supports all crypto wallets that are available across Coinbase platforms. It looks like the app will be no different
Coinbase has become the first major cryptocurrency exchange in the UK which has issued their own cards, thus allowing its customers to spend their balances right away. <– TWEET THIS!
“This card is issued by Paysafe Financial Services Limited. Paysafe Financial Services Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011(FRN: 900015) for the issuing of electronic money and payment instruments,” explains Coinbase in their blog.
Drives user adoption?
While crypto-payment VISA cards are nothing new in the cryptocurrency ecosystem, many Coinbase users have been waiting for this kind of feature. Coinbase still is one of the largest companies in user count. And this new service will come very handy to their customers.
However, why couldn’t Coinbase incorporate this feature within their existing Coinbase app? Instead of downloading yet another crypto app on my phone, I could just use the same app which I use for crypto storing. Nevertheless, when speaking about crypto adoption, this is a massive step towards it. As already mentioned above, Coinbase still is one of the top cryptocurrency apps in user count. That means that all their +20 million users now will be able to spend crypto. However, at the moment, only in the UK.
If you want to start your independant crypto journey with Coinbase, just click HERE!